Sonus 4Q sales up 5 percent |
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Wed, 28 Feb 2007 23:26
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WESTFORD, Mass. (AP) - Sonus Networks Inc., a provider of voice and data communications hardware and software, said Wednesday its fourth-quarter sales rose 5 percent, but the company did not provide full results because of a stock options review.Sonus said its sales were $79 million for the quarter, up from $75 million in the same quarter a year earlier. Analysts, on average, expected sales of $68.2 million, according to a poll by Thomson Financial.Full-year sales were $279 million.Sonus has said it will have to restate past finances to correct stock option accounting irregularities.The company said last November it found stock options grants -- mainly between 2000 and 2003 -- in which the measurement dates for accounting purposes were different from the recorded grant dates of the awards, a practice known as backdating.Sonus said the audit committee's investigation found 'no improper conduct or violation of company policies by any member of the company's current management.'Shares rose 3 cents to close at $7.69 on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Sonus Networks deadline stayed 